Core Viewpoint - The Mahama government has implemented 20 key macroeconomic reforms and achievements by 2025 to stabilize the economy and restore market confidence after inheriting significant economic challenges. Group 1: Economic Growth - GDP growth reached 6.1% in the first three quarters of 2025, up from 5.7% in the same period of 2024, marking the fastest growth since 2019 [3] - Non-oil GDP growth surged to 7.5%, indicating a broad expansion of the real economy, which is crucial for job creation [3] Group 2: Inflation Control - Overall inflation rate plummeted from 23.8% in December 2024 to 6.3% in November 2025, the lowest level since February 2019 [4] - Food inflation decreased by 21.2 percentage points to 6.6% [5] - Non-food inflation fell by 14.2 percentage points to 6.1% [6] - Local goods inflation dropped from 26.4% to 6.8% [7] - Import inflation decreased from 18.0% to 5.0% [8] Group 3: Interest Rates and Currency - Treasury bill rates fell from over 30% at the end of 2024 to approximately 11% in 2025, reducing government borrowing costs and freeing up credit for the private sector [8] - The Ghanaian cedi appreciated against all major currencies, marking a historical achievement [9] Group 4: Trade and Reserves - Trade surplus is projected to reach $8.5 billion by the end of October 2025, up from $2.8 billion in the previous year [10] - Current account surplus expanded to $3.8 billion in the first three quarters, compared to an expected $600 million in 2024 [11] - Total international reserves increased to $11.41 billion, equivalent to 4.8 months of imports [12] Group 5: Public Debt and Investor Confidence - Public debt decreased from 726.7 billion Ghanaian cedis (61.8% of GDP) in December 2024 to 630.2 billion Ghanaian cedis (45.0% of GDP) by October 2025, marking one of the largest debt reductions in Ghana's history [13] - Investor confidence has been restored, with Fitch, Moody's, and S&P all upgrading Ghana's credit rating, a first in many years [13] Group 6: Fiscal Discipline and Tax Reforms - By October 2025, the primary surplus reached 1.9% of GDP, three times the initial target of 0.6% [15] - Major VAT relief measures included the cancellation of COVID-19 surcharges, reduction of VAT rates to 20%, and an increase in the VAT threshold to 750,000 Ghanaian cedis [16] - Fiscal rules were strengthened, with amendments to the Public Financial Management Act setting a debt ceiling of 45% of GDP by 2034 and requiring a minimum primary surplus of 1.5% annually [17] Group 7: Business Environment and Financial System - Simplification of the tax system by abolishing cumbersome taxes such as gambling tax, emissions tax, and electronic tax to reduce business operating costs [18] - Under the "Big Push" initiative, oil revenues, mining royalties, and DACF transfers were reallocated to priority infrastructure, granting local governments at least 80% of direct transfer authority [19] - Financial system reset included a capital injection of 1.92 billion Ghanaian cedis into the National Investment Bank, with total managed funds rising to 85.53 billion Ghanaian cedis; the GSE Composite Index increased by 27.82% with trading volume up by 146% [20]

Group 1: Policy Reforms - The document outlines the implementation of reforms aimed at decoupling basic public services from household registration, allowing non-resident workers to access the same services as local citizens[4] - It emphasizes the need for basic public services to be linked to population changes, promoting a tailored approach for different cities based on their specific circumstances[6] - The central government plans to allocate 400 billion yuan and 420 billion yuan in 2024 and 2025 respectively to support the urbanization of agricultural transfer populations[6] Group 2: Economic Implications - The reforms are expected to enhance the consumption capacity of low- and middle-income groups, particularly migrant workers, by reducing their burdens in areas like education and healthcare[4] - The shift towards a service-oriented government is anticipated to improve public services and attract more population inflow, creating a positive feedback loop for local economies[7] - The report highlights the importance of breaking down barriers in education, healthcare, and housing to ensure equitable access to basic public services across regions[8] Group 3: Risks and Challenges - There is uncertainty regarding the pace of reform implementation, as the process involves multiple sectors and may be complex[10] - Subjectivity in expectations of reform policies could lead to discrepancies between anticipated and actual outcomes[10]